Is Google Wallet a virtual game-changer?

Author

Fellow of the Faculty of Engineering and Information Technology, University of Technology Sydney

Disclosure statement

Rob Livingstone does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Risky business?

You could look at the Google Wallet – as the company might want you to – as a revolution in consumer empowerment. Likewise, you could see it as just another incremental step in the ongoing digitisation and consumerisation of IT services.

But however you spin it, the risks of using Google Wallet go further than simply misplacing your phone.

He found Google, along with LinkedIn, had the poorest terms of use when it came to privacy.

Entrusting your financial transactions to a company that, while championing the slogan “Don’t Be Evil”, still has a history of serious privacy concerns, might seem questionable.

Simply put, the company wants your information – in this, Google’s no different to many big companies currently out there.

Theft

To allay fears of what might happen if your phone is stolen by a spend-happy mugger, Google notes the following: “After adding your Citi MasterCard card to Google Wallet, you can immediately spend up to $100 USD. To access your full credit line, Citi will send you an activation code that you will have to enter into Google Wallet.”

In other words, there’s a limit on spend unless you are the genuine owner of the phone.

Already, as things stand, if your phone is stolen you need to call your service provider to report it. In the case of a phone with Google Wallet, you’ll also have to call your credit card company.

While Google provides the service to use your credit card, it has little to offer in case of loss or theft, merely stating its customers should call their banks.

Should we buy it?

Whatever financial service you sign up for, it’s always crucial to read your contract carefully. This is especially important for a new service such as Google Wallet.

Would you trust Google with your money?Viajar24h.com

For once, it’s important not to just tick the “I accept” box without reading the terms, as we so often do online.

But it doesn’t stop there. You will also need to review what the merchant (MasterCard, for example) includes in its terms and conditions, which may be different from a standard contract.

And given Google is a foreign entity, it’s also important to clarify what your rights are here in Australia.